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8-6-52.: FWC New York No. 378. 1 & 2. General Obligation Bonds was intended to '-pofe** ?#©» refer to a type of issue,-that would carry with it authority l of the district to levy taxes, if necessary., to make up any deficiency in the revenues to cover operating expens.es, - interest and principal on the bonds. They do not consti­tute a direct lien -on property in the district. Item 3. I understand the Las Vegas Valley Water District: would not be subject to Public Service Commission control in matter of rates and would be in position to increase rates and install meters to produce sufficient revenue to cover its ^operating 'expenses and service the bonds , but in any event the district would be in position to levy taxes if necessary to pay interest and principal on General Obligation Bonds. ill Item 4. Bonds covering purchase price of our facilities would be part of a larger issue-sufficient to also provide funds for the construction of a pipeline from Henderson to Las Vegas"to bring ih additional water'which the district is in position to obtain from Henderson. The total amount of the bond issue, required has not yet been determined but our information is that it will be in the neighborhood of seven million dollars. m i ii Item 5. respect that would make such value. We have no opinion from any bond e to type of bond, security, interest ;hem worth, face value pert with rate, etc., or saleable at M M & M Item 6. There is a well in the shop grounds at Las Vegas that will not be included in the sale and that we feel rS will provide sufficient wa quirements although it may ter to meet the railroad’s re-be advisable to additional supply. well in that vicinity to assure drill an sufficient With respect to construction advances you are correct in your understanding, and your preference to offset -these amounts against the purchase price rather than pay over such advances to the district will be kept in mind in the negotiations.